JP Morgan’s Wallace switches to hedge fund Factorial

Adam Wallace has exited JP Morgan, where he headed Asia-Pacific hedge fund services, to join Hong Kong-based hedge fund firm Factorial Management as chief operating officer.

JP Morgan declined to comment on Wallace's departure. However, it is understood that Matthew Goldblatt, the bank's Asia-Pacific regional product manager for private equity and real estate services, is undertaking Wallace's duties until a permanent replacement is appointed.

Wallace joined JP Morgan in Hong Kong in 2010, at a time when the bank was in the early stages of building its hedge fund services in Asia. He was previously regional product manager of alternative investments at Citi and has also served as head of data management in Asia for Fortis Prime Fund Solutions.

Factorial, set up by former DKR Oasis bookrunner Barun Agarwal, earlier this year launched the multi-asset Factorial Master Fund with $25 million in AUM. He confirmed Wallace's appointment, noting that it is in line with Factorial's aim of running an institutional-quality platform. 

Asian hedge funds are keen to bring in seasoned industry executives to serve as COOs, as that is one key facet that large institutional investors look for when investing in strategies in the region, says one fund-of-hedge-funds executive.

Wuzhu Asia Partners, which launched an Asia long/short equity fund last month, named as its COO Grant Suttie, a 16-year veteran of UK asset manager Martin Currie.

Earlier this year, Kirtes Bharti, in a move similar to Wallace’s sell-side-to-buy-side switch, departed Credit Suisse, where he was director of equities in its prime services team, to join Hong Kong-based hedge fund Segantii Capital Management as head of financing.

Bharti's role is being covered internally by senior members of Credit Suisse's flow financing team for prime services, according to a source.